Ethereum Takes Center Stage: The Time For Alts Has Come
- Spot Socials
- Jul 20
- 5 min read
Written by Jason Krutzky, Chartered Meme Technician at Spot Trading.
It was another big week in crypto and memes. Ethereum took center stage, keeping up its relentless climb, Bitcoin smashed through to new all-time highs, and Solana made a strong push that has it looking ready for a breakout from the base it has been forming since February. All this momentum drove the total crypto market cap over $4T for the first time in history! What a time to be alive. In other news:
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Now that you're up to speed, let's dig into the key names and themes that drove the action this week.
Analysis On The Majors: Ethereum Takes Center Stage
$BTC (-0.84%)
The strong performance in altcoins this week stems largely from Bitcoin dominance plummeting. As Bitcoin's share of the total crypto market cap declines, alternative coins are gaining ground—exactly the healthy rotation we want to see in a robust market.
This isn't bearish action; it's Bitcoin taking a breather while other assets catch up. If Bitcoin does pull back over the next few weeks, we'll be watching two key support levels: the trendline from previous highs and the Anchored VWAP from April's lows.
$ETH (+26.30%)
Last week, we suggested that the move in Ethereum could just be getting started, and this week it took center stage. We got the follow-through we were looking for, and now we have the previous highs around $4k to contend with.
The truth is, it wouldn't be a huge surprise to see some resistance up there. You have to assume that some buyers from those levels could look to exit their positions once back to breakeven, and that smart money could take profit in that key area. If price blasts right through, though, look out above!
$SOL (+13.23%)
We've been tracking the Anchored VWAP from the all-time highs for several weeks, and this week appears to be delivering a decisive close above that level—a significant milestone for bulls.
The volume profile on the right side of the chart reinforces this bullish case. The black bars show trading volume at each price level, and there's a clear pattern: as prices rise, volume decreases. This declining volume at higher levels indicates fewer sellers and, consequently, less resistance overhead.
Chart Of The Week
While Ethereum took center stage this week, this chart is absolutely explosive. $REKT, billing itself as the first-ever "brand coin," has been on a tear recently. The token has closed at or near weekly highs for three consecutive weeks and just hit a new all-time high with a market cap exceeding $225 million.
What makes this run particularly impressive is that $REKT has achieved these milestones without a single tier-1 exchange listing. This sustained momentum, however, suggests institutional interest may be building quietly in the background. With a capable team at the helm, expect $REKT to continue pushing the boundaries of what's possible in the memecoin space.
The $PUMP Dump
Well, that was... anticlimactic.
Despite the enormous hype surrounding the $PUMP token launch last week, this week's lackluster price action suggests a grim outlook for the struggling token launcher.
The initial signs seemed promising—the token reached nearly a $6.5B market cap within days of trading. However, the rally quickly fizzled, and the price now hovers just above the level where presale buyers purchased during the 12-minute sellout, with the average buyer from the TGE (Token Generation Event) being underwater on the trade to the tune of nearly -10%.
The writing is on the wall: Alon and his team face an uphill battle. Their credibility has taken a serious hit, as evidenced by the mass exodus to competitors like LetsBonk.fun, which yesterday commanded 64.8% of all new token launches.
Spot Updates: Leaderboards, Portfolio Breakdowns, and more
This week, we were thrilled to roll out a suite of powerful new features designed to give you a competitive edge and deeper insights into the market. First up, get ready to climb the ranks with the new Spot Leaderboard!
See how you stack up against the best (and worst) traders on the platform in real-time. Follow high-performers, discover new strategies, and keep an eye out for prizes for the top traders!
We also enhanced our social features with Trader Portfolio Breakdowns. Now you can see the exact portfolio distribution of any trader you follow, making it easier than ever to gain insight into their market approach and copy their positions.
But that's not all! You can now visualize your progress with our new Portfolio Balance Charts. Track your USD balance over various timeframes (1D, 1W, 1M, All Time) with the same interactive experience you love from our token charts.
Finally, to help you trade with greater confidence, we're introducing Token Safety Scores. This new system helps you evaluate a token's risk profile by analyzing factors such as ownership concentration, allowing you to DYOR and avoid potential scams without ever leaving the Spot app. These features were rolled out to all users this week, so be sure to check them out.
Ethereum's Trad Fi Moment
Last week, we noted that ETH was the strongest of the majors and that strength has continued into this week, driven in large part by significant institutional interest and strategic corporate acquisitions.
The influx of capital into spot Ethereum ETFs has been particularly noteworthy this week. Here are a few stats to chew on:
$2.18 billion net inflows in 7 days, nearly matching BTC's $2.39 billion.
Record single-day inflow of $726.74 million (July 16th).
ETH ETF inflows surpassed BTC ETF inflows for the first time ($602 million vs. $523 million on July 17th).
40% of total ETH ETF AUM came in the last 8 trading sessions.
Beyond ETF performance, corporate treasury strategies have played a pivotal role in Ethereum's gains this week. Companies are increasingly adopting Ethereum as a treasury asset, mirroring the trend seen with Bitcoin.
SharpLink Gaming (SBET) acquired 74,656 ETH for $213 million, becoming the largest corporate ETH holder with over 307,358 ETH.
Bitmine Immersion (BMNR) now holds approximately $1 billion in ETH.
Peter Thiel's Founders Fund acquired a 9.1% stake in BMNR
BMNR Chairman Tom Lee set a $10-15k EOY price target for ETH.
The U.S. Government Makes It Move: The Genius Act, The Clarity Act, and The Future of 401(k)s
This week brought landmark crypto legislation aimed at mainstream adoption.
The Genius & Clarity Acts
The Genius Act establishes a regulatory framework for stablecoins, mandating proper reserves and transparency to build trust and encourage wider adoption.
The Clarity Act addresses crypto's classification problem by providing a definitive framework to distinguish between securities (SEC-regulated) and commodities (CFTC-regulated). This brings regulatory certainty, reducing ambiguity for projects and investors while potentially attracting traditional financial players.
The Future of 401(k)'s
President Trump's plan to open 401(k)s to crypto could unlock America's $9 trillion retirement market for digital assets. This represents crypto's biggest mainstream legitimacy stamp yet.
Even 1-2% of that market flowing into crypto could create an "infinite twap" – continuous, significant capital inflow that fundamentally reshapes the industry forever.
In short, the boomers are coming for our bags, lads.
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